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fjoreign  Trade  and 
the  Interior  Bank 


Guaranty  Trust  Company 
of  New  York 


Digitized  by  the  Internet  Archive 

in  2008  with  funding  from 

Microsoft  Corporation 


http://www.archive.org/details/foreigntradeinteOOguarrich 


Foreign  Trade  and 
the  Interior  Bank 


By  WILLIS  H.  BOOTH 

Vice  President,  Guaranty  Trust  Company  of  New  York 


'  -   *  .a 


Guaranty  Trust  Company  of  New  York 

140  Broadway 

FIFTH    AVENUE    OFFICE  MADISON  AVENUE  OFFICE 

Fifth  Avenue  and  44th  Street  Madison  Avenue  and  60th  Street 

GRAND  STREET  OFFICE 
268     Grand     Street 

LONDON  LIVERPOOL  PARIS  HAVRE 

BRUSSELS  CONSTANTINOPLE 


COPYEIGHT,   1920 
BY  GUARANTY  TRUST  COMPANY  OF  NEW  YORK 


■ .      -  «  -  . 


Foreign  Trade  and 
the  Interior  Bank 

UP  to  the  present  time  the  banks  in  the  in- 
terior of  the  United  States  have  played  a 
comparatively  small  part  in  the  development  of 
our  foreign  trade.    As  a  result  of  the  war,  this 
country  has  been  forced  into  many  new  industrial 
and  financial  activities  that  reach  out  into  every 
foreign  country,  activities  which  affect  the  welfare 
of  the  smaller  communities  nearly  as  much  as  they 
do  those  of  the  larger  cities.    Manufacturers  in 
small  towns  throughout  the  United  States  have 
become  interested  in  the  possibilities  of  foreign 
markets,  and  they  naturally  are  looking  to  their 
local  banks  to  advise  them  regarding  their  foreign 
trade  problems,  both  actual  and  potential.    We 
believe  that  the  time  has  come  for  the  interior 
bank  to  realize  that  its  business  is  the  same  as  all 
others— that  the  biggest  thing  it  has  to  sell  is 
service,  and  that  at  the  present  moment  one  of  its 
greatest  opportunities  for  service  is  to  aid  in  the 
development  of  American  foreign  trade. 

To  Keep  Industries  Busy 

We  have  learned  by  recent  experience  that  the 
factories  of  America  are  today  so  huge  and  their 

[3] 


outpu*  at  full  capacity  is  so  great  that  the  domes- 
tic market  cannot  regularly  absorb  it.  It  is  only 
by  a  constant  flow  of  overseas  trade  that  we  can 
run  full  time  all  the  time.  To  do  less  than  that 
means  homes  in  America  in  which  the  bread- 
winner is  out  of  work.  It  means  "part  time"  in 
many  factories,  or  mills  that  are  entirely  shut 
down.  Additional  orders  from  any  source  tend  to 
reduce  overhead  expenses  of  production,  and  tend 
also  to  reduce  the  cost  of  raw  materials  by  in- 
creasing the  quantity  bought.  All  the  advantages 
of  large  scale  production  come  into  play  when 
these  export  orders  are  received. 

Increased  orders  from  foreign  countries  tend  to 
change  the  seasonal  demands  to  year  round  de- 
mands. The  manufacturer  who  has  a  market  for 
his  goods  in  South  America,  for  instance,  possesses 
a  great  advantage,  because  the  seasons  there  are 
exactly  the  reverse  of  our  own.  And  so,  because 
the  markets  of  all  the  world  are  greater  and  stead- 
ier than  the  markets  of  any  one  country,  the 
American  manufacturer  and  merchant  must  culti- 
vate the  foreign  field,  and  the  interior  bank,  in 
cooperation  with  the  international  bank,  must  be 
prepared  to  offer  facilities  necessary  for  the  prompt 
and  efficient  handling  of  foreign  trade  transactions. 

The  Stake  of  the  Interior  Bank 

That  the  interior  bank  is  vitally  interested  in 
the  development  of  foreign  trade  is  evident  from 

[4] 


the  fact  that  a  large  proportion  of  the  manufac- 
tured goods  exported  from  the  United  States  is 
produced  in  towns  with  a  population  of  fifty  thou- 
sand or  less.  There  are  two  thousand  one  hundred 
and  forty-nine  towns  of  this  size.  As  to  our  im- 
port trade,  it  is  only  necessary  to  point  out,  for 
instance,  that  Akron,  Ohio,  with  a  population  of 
one  hundred  and  fifty  thousand,  buys  about  one- 
fourth  of  all  the  crude  rubber  in  the  world.  In  four 
hundred  and  sixteen  cities  of  ten  thousand  to 
twenty-five  thousand,  in  1914,  the  total  value  of 
manufactured  products  was  $3,261,395,000. 

Unlimited  Possibilities 

Cities  of  fifty  thousand  and  under  make  up  a 
large  proportion  of  our  manufacturing  area  and 
present  almost  unlimited  possibilities  from  the 
foreign  trade  standpoint.  There  are  one  hundred 
and  thirty-three  towns  of  this  size  in  Indiana,  and 
the  same  number  in  Massachusetts.  The  most 
cursory  examination  of  the  manufacturing  facili- 
ties of  these  hundreds  of  small  towns  reveals  their 
possibilities  from  a  foreign  trade  point  of  view. 

And  the  manufacturers  in  those  towns  are  no 
longer  groping  in  the  dark  in  regard  to  foreign 
affairs.  Practically  all  of  them  are  members  of 
powerful  trade  associations.  They  journey  in 
large  numbers  from  the  small  interior  towns  to 
New  York  or  San  Francisco  to  attend  foreign  trade 
conventions,  and  they  are  diligent  readers  of  for- 

[51 


eign  trade  publications.  But,  in  far  too  many- 
cases,  when  they  go  back  home  they  do  not  find 
in  their  own  town  the  facilities  for  obtaining  the 
information  for  transacting  their  foreign  business. 
Export  shipments  are  made  constantly  from  all 
these  small  towns.  Imports  of  raw  materials 
needed  in  our  industries  are  constantly  flowing 
from  the  seaboard  to  the  interior.  All  these  trans- 
actions involve  the  services  of  banks.  The  interior 
bank  may  interpose  itself  as  a  useful  link  in  the 
system  of  overseas  trade. 

Increasing  Interest  in  Foreign  Trade 

How  widely  distributed  is  the  interest  in  foreign 
trade  is  plainly  shown  by  a  study  of  the  letters 
received  by  the  International  Trade  Service  of 
the  Guaranty  Trust  Company  of  New  York  from 
the  smaller  towns  throughout  the  United  States, 
which  indicate  an  increasing  interest  in  foreign 
trade  on  the  part  not  only  of  the  interior  banks 
but  of  the  local  manufacturers. 

Danville,  Ya.,  is  interested  in  sending  tobacco 
to  Venezuela;  La  Porte,  Ind.,  wants  to  send  farm 
tractors  to  Brazil;  Austin,  Texas,  desires  to  im- 
port French  novelties;  St.  Joseph,  Mich.,  desires 
an  agent  for  automobile  accessories  in  India; 
Durgettstown,  Pa.,  sends  an  inquiry  regarding 
industrial  enterprises  in  Jugoslavia;  Parkersburg, 
W.  Va.,  wants  to  sell  oil  well  supplies  to  Mexico; 
Keokuk,  Iowa,  is  interested  in  developing  a  mar- 

[6] 


ket  for  rolled  oats  in  South  America;  Coshocton, 
Ohio,  wants  to  appoint  an  agent  in  Spain  for  its 
glass  bottles;  Lompog,  Cal.,  is  interested  in  the 
importation  of  mustard  seed  from  the  Dutch 
East  Indies;  Cadillac,  Mich.,  desires  to  ship  veneer 
to  New  Zealand;  Monessen,  Pa.,  is  interested  in 
steel  wire  in  South  Africa;  Charlotte,  N.  C,  wants 
to  send  cotton  to  Finland;  Norfolk  Downs,  Mass., 
has  a  customer  for  weighing  machinery  in  For- 
mosa; Mount  Pleasant,  Mich.,  has  a  customer  for 
trucks  in  Guatemala,  and  Valdosta,  Ga.,  wants  to 
export  cotton  linters  to  Czechoslovakia. 

World-wide  Facilities  Available 

It  is  obvious  that  the  interior  bank  cannot  set 
up  elaborate  machinery  and  an  expensive  per- 
sonnel equipped  to  answer  specific  inquiries  re- 
garding foreign  trade.  The  international  bank 
has,  however,  built  up  a  worldwide  network  of 
branches,  affiliations  and  special  correspondents, 
backed  up  by  staffs  of  experts  in  the  metropolis, 
which  is  freely  offered  to  the  interior  banker  in 
order  to  assist  him  to  develop  the  foreign  trade  of 
his  community.  The  international  bank  has,  in 
fact,  created  facilities  which  make  it  possible  for 
the  exporting  and  importing  clients  of  the  inland 
bank  to  do  business  on  a  safe  basis  with  the  mer- 
chant in  the  interior  of  China,  the  ranchman  in 
Australia,  the  miner  in  Africa,  and  the  planter  in 
Latin- America . 

[7] 


To  illustrate  concretely  just  what  this  means,  let 
us  examine  the  facilities  which  are  offered  to  the 
interior  bank  by  the  large  international  financial 
institutions.  First  of  all,  they  have  direct  banking 
connections  with  Great  Britain  and  Continental 
Europe,  the  Near  East,  Latin-America,  South 
Africa  and  Australasia,  with  China,  Japan,  British 
India,  the  Dutch  East  Indies,  and  with  the  Straits 
Settlements.  They  are  in  direct  and  constant  com- 
munication with  thousands  of  correspondents  in 
every  trade  center  of  any  importance  throughout 
the  world. 

Specific  Information  Obtainable 

In  their  foreign  trade  services  these  interna- 
tional banks  have  created  departments  to  give 
specific  commercial  information,  by  interview  or 
by  mail,  regarding  the  prospect  for  the  sale  of 
American  goods  abroad.  They  have  immediate 
access  to  reports  regarding  the  credit  and  com- 
mercial standing  of  hundreds  of  thousands  of 
foreign  firms  and  corporations,  all  of  them  care- 
fully revised  to  cover  changes  made  during  the 
war. 

These  departments  include  in  their  personnel 
experts  on  tariffs,  marine  insurance,  freights,  for- 
warding, customs  duties  and  shipping  documents, 
and  men  who  have  traveled  extensively  in  foreign 
countries.  Supplementing  their  personal  knowl- 
edge of  foreign  countries  and  of  the  manners  and 

[8] 


customs  of  the  peoples  inhabiting  them  is  a  daily- 
service  of  information  by  mail,  wire  and  cable 
from  private  and  official  sources  and  from  their 
branches,  subsidiaries  and  agents  throughout  the 
world  regarding  changing  conditions,  new  demands 
for  American  products  and  movements  of  foreign 
buyers.  Over  the  desks  of  these  experts  there 
passes  each  day  a  large  quantity  of  written  and 
printed  material  in  all  languages,  and  items  of 
interest  to  American  exporters  and  importers  are 
sent  out  promptly  to  specially  selected  mailing 
lists. 

A  Concrete  Example 

Here  is  a  concrete  example  of  the  kind  of  service 
which  an  interior  bank  should  be  able  to  render: 
In  an  Illinois  town  of  about  ten  thousand  inhabi- 
tants there  is  a  small  factory  manufacturing  a  line 
of  tools.  As  a  result  of  advertising  in  export  jour- 
nals, this  manufacturer  received  an  order  from 
Buenos  Aires  for  two  thousand  dollars'  worth  of 
goods.  The  buyer  stipulated  that  the  merchandise 
was  to  be  sent  forward  with  draft  attached  to 
documents,  which  were  to  be  delivered  against 
the  acceptance  of  the  draft  at  60  days'  sight.  It 
was  the  manufacturer's  first  export  order,  and  he 
went  immediately  to  his  local  bank  for  advice  as 
to  how  the  goods  should  be  packed  for  export  to 
Argentina  and  what  railroad  and  shipping  docu- 
ments were  needed,  and  above  all  how  he  was  to 

[9] 


get  his  money.  The  interior  bank  was  able, 
through  cooperation  with  its  banking  correspond- 
ent in  New  York,  to  obtain  a  quick  report  on  the 
credit  standing  of  the  Argentine  customer,  which 
showed  that  he  was  a  perfectly  good  credit  risk. 
Information  was  also  supplied  as  to  packing  and 
shipping,  and  the  interior  bank  was  able  to  aid 
its  customer  in  financing  the  transaction. 

Creating  Local  Interest 

There  are  a  number  of  ways  in  which  the  in- 
terior banker  can  foster  interest  in  foreign  trade 
in  his  community.  One  of  the  most  effective 
methods  is  to  obtain  the  support  of  the  leading 
local  newspaper.  The  editors  of  the  progressive 
newspapers  of  our  inland  cities  fully  recognize  the 
importance  of  foreign  trade,  but  are  frequently 
at  a  loss  to  obtain  a  sufficient  amount  of  material 
to  run  a  regular  foreign  trade  department.  Ar- 
rangements can  be  made  for  supplying  newspaper 
features,  as  well  as  a  continuous  supply  of  foreign 
trade  news. 

The  local  public  library  is  another  institution 
which  can  be  utilized  most  effectively  in  foreign 
trade  promotion.  It  should  be  supplied  with  a 
good  selection  of  books  on  foreign  commerce,  for- 
eign countries,  and  foreign  travel,  commercial 
geography,  international  law,  tropical  and  sub- 
tropical and  other  imported  commodities,  atlases, 
books  on  shipping,  on  marine  insurance  and  for- 

[101 


eign  exchange,  international  banking,  and  ports 
and  harbors.  The  local  schools  can  do  similar 
work. 

Proper  Organization  Necessary 

Most  important  of  all,  however,  is  the  proper 
organization  of  the  business  men  of  the  commun- 
ity. The  Chamber  of  Commerce,  if  it  has  not 
already  done  so,  should  form  a  foreign  trade  com- 
mittee to  make  a  survey  of  the  foreign  trade  activi- 
ties of  its  members.  It  should  maintain  an  up-to- 
date  list  of  all  members  doing  an  exporting  or 
importing  business,  with  full  details  of  the  com- 
modities handled  and  of  the  foreign  countries  in 
which  the  members  are  interested.  A  foreign  trade 
reference  library  should  be  installed  in  the  local 
Chamber  of  Commerce,  which  should  contain 
directories  of  foreign  markets  and  directories  and 
lists  of  American  exporters,  exporting  manufac- 
turers, dealers  and  commission  houses.  This  refer- 
ence library  should  receive  regularly  all  the  publi- 
cations of  the  Bureau  of  Foreign  and  Domestic 
Commerce. 

Direct  contact  should  be  established  with  the 
American  commercial  attaches  and  trade  commis- 
sioners maintained  by  that  Bureau  in  foreign 
countries.  Arrangements  should  be  made  to  ob- 
tain regularly  the  foreign  trade  publications  of  the 
National  Foreign  Trade  Council,  the  American 
Manufacturers   Export  Association,   and  of  the 

in] 


large  banks  which  specialize  in  foreign  trade.  Sub- 
scriptions should  be  made  to  the  leading  export 
trade  journals.  All  this  information  can  be  ob- 
tained and  classified  for  the  use  of  local  manu- 
facturers with  very  little  trouble  and  expense. 
Foreign  visitors  to  this  country  should  be  encour- 
aged to  visit  the  local  manufacturing  plants.  An- 
other effective  method  of  obtaining  information 
direct  from  foreign  sources  is  for  the  local  Cham- 
ber of  Commerce  to  arrange  for  the  exchange  of 
membership  and  services  with  American  Chambers 
of  Commerce  in  foreign  countries. 

The  Importance  of  Import  Trade 

It  cannot  be  too  strongly  emphasized  that  the 
interior  banker  has  an  important  part  to  play  in 
the  development  of  our  import  trade,  as  well  as 
that  of  our  exports.  Our  dependence  upon  other 
countries  for  foodstuffs  and  raw  materials  grows 
constantly  greater  with  the  increase  in  our  popu- 
lation and  the  productive  capacity  of  our  industries. 

In  order  to  provide  a  sustained  market  for  our 
surplus  manufactures,  we  must  have  a  regular 
and  increasing  supply  of  many  commodities  which 
are  not  produced  in  the  United  States,  or  which 
are  produced  in  such  small  volume  as  to  be  entirely 
inadequate  for  our  requirements.  We  must  obtain 
manganese  for  our  steel  mills  from  Russia  and 
South  America.  Our  tanneries  must  have  que- 
bracho from  Argentina;  our  automobile  tire  in- 

[12] 


dustry  must  obtain  crude  rubber  from  Brazil;  our 
machine  shops,  rail  mills,  armored  plate  works, 
and  wire  rope  factories  must  have  nickel  from 
Canada  and  New  Caledonia;  our  tinplate  manu- 
facturers must  import  their  tin  from  the  Malay 
Straits  and  from  Bolivia;  our  silk  factories  must 
get  their  raw  product  from  China  and  Japan;  our 
clothing  wools  must  be  imported  from  Australia 
and  Argentina;  our  manufacturers  of  twines,  can- 
vas, linens  and  laces  must  get  their  flax  from 
Russia  and  Belgium;  our  burlap  makers  must  get 
their  jute  from  India;  the  sisal  which  is  used  to 
make  our  binder  twine,  which  is  so  essential  in 
the  harvesting  of  our  crops,  must  come  from  Yuca- 
tan. We  must  also  import  large  quantities  of 
cocoanut  oil  and  other  vegetable  oils  from  the 
Dutch  East  Indies  and  from  the  Pacific  isles; 
coffee  from  Brazil,  tea  from  China,  India,  Japan 
and  Java;  cocoa  from  Venezuela;  sugar  from  Cuba; 
rice  from  the  Far  East;  spices  from  the  East 
Indies;  platinum  from  Colombia;  and  vanadium 
from  Peru. 

Must  Assist  Importer 

The  list  could  be  made  very  much  longer,  but 
the  foregoing  is  sufficient  to  prove  the  dependence 
of  many  of  our  important  industries  on  the  raw 
products  of  other  countries.  The  interior  banker 
must  be  prepared  to  offer  facilities  to  his  import- 
ing clients  who  wish  to  buy  these  commodities  in 

[13] 


distant  lands.  He  must  be  able  to  help  the  local 
importer  to  locate  sources  of  raw  materials,  advise 
him  regarding  reliable  foreign  exporters  and  mar- 
ket conditions,  and  on  how  he  may  establish  the 
necessary  import  credits  through  his  relations  with 
the  international  banker. 

It  cannot  be  too  strongly  emphasized  that  in 
the  long  run  international  trade  must  be  to  a 
large  extent  the  exchange  of  goods  for  goods.  In 
encouraging  Europe  and  other  countries  to  liqui- 
date their  debt  to  us  in  goods — for  they  cannot 
send  us  gold  without  further  depreciating  their 
inflated  currencies — it  does  not  mean  that  this 
debt  can  be  liquidated  only  in  articles  of  European 
origin.  For  example,  Great  Britain  might  offset 
her  adverse  trade  balance  with  us  on  direct  inter- 
change of  commodities  by  a  debit  balance  owing 
by  us  on  our  imports  of  jute  from  India,  wool  from 
Australia,  hides,  skins  and  wool  from  South  Africa, 
etc.  A  debit  balance  owing  by  the  United  States 
to  Argentina  for  our  imports  of  the  raw  products 
of  that  country  could  be  offset  against  the  balance 
due  from  Argentina  to  England,  and  in  turn  by 
England  against  the  United  States. 

How  Exchange  Works  Against  Us 

It  is  only  by  increasing  their  exports  that  Europe 
and  Latin-America  can  overcome  the  exchange 
handicap  which  makes  it  so  difficult  for  them  to 
buy  American  products.    To  illustrate  how  the 

[14] 


exchange  problem  works  to  the  disadvantage  of 
the  American  exporter,  take  the  case  of  an  im- 
porter in  Argentina  who  is  in  the  market  for 
American  farming  implements.  The  dollar  is  (at 
the  end  of  1920)  at  a  premium  in  Argentina,  as  it 
is  in  all  South  American  countries.  The  Argentine 
buyer,  in  converting  his  pesos  into  American  dol- 
lars today,  must  pay  a  premium  of  about  25  per 
cent,  over  the  normal  rate  of  exchange.  Under 
the  circumstances  it  is  quite  likely  that  he  will 
purchase  British  goods,  because  the  exchange  rate 
on  the  pound  sterling  is  much  more  in  his  favor. 
This  exchange  handicap  against  American  export- 
ers will  increase,  not  only  in  Argentina  but  through- 
out the  world,  if  we  continue  to  export  at  the 
recent  high  price  levels  without  a  corresponding 
increase  in  imports. 

Importance  of  the  Edge  Law 

If  our  foreign  trade  is  not  to  suffer  through  in- 
adequate financing,  we  must  give  thought  to  some 
form  of  long-term  credits  in  order  to  supplement 
the  operations  of  the  international  banks  and  to 
make  liquid  the  frozen  long-term  credits  in  foreign 
markets.  To  meet  this  situation  the  Edge  Law 
was  recently  passed.  This  law  gives  us,  for  the 
first  time  in  our  history,  financial  organizations 
for  the  express  purpose  of  assisting  foreign  trade 
through  long-term  investments.  The  original  Fed- 
eral Reserve  Act  authorized  the  establishment  of 

[15] 


branches  by  our  national  banks  in  foreign  coun- 
tries. The  Edge  Law  goes  one  step  further  in 
providing  for  the  formation  of  these  foreign  in- 
vestment banks  under  Federal  charter.  A  most 
important  provision  of  the  Edge  Law  is  that  which 
permits  corporations  formed  under  its  provisions 
to  issue  their  own  notes  and  debentures  for  sale 
to  investors. 

How  Interior  Banker  Can  Help 

The  interior  banker  has  here  a  very  definite 
part  to  play  in  educating  his  community  in  the 
relation  which  our  overseas  commerce  bears  to 
domestic  prosperity  and  in  pointing  out  the  desir- 
ability of  such  securities  in  order  to  make  possible 
a  continuous  and  increasing  flow  of  foreign  orders. 
The  interior  banker  should  be  the  point  from 
which  should  radiate  the  facts  and  figures  to  show 
that  the  local  manufacturer,  the  farmer  and  all 
their  employees  have  a  direct  personal  interest  in 
maintaining  our  export  trade  in  order  to  avert  the 
slowing  up  of  production,  reduction  of  wages, 
and  unemployment. 

In  order  that  the  grain  produced  in  the  agri- 
cultural sections  may  be  sold  abroad  and  thus 
produce  domestic  prosperity,  which  in  turn  will 
increase  local  prosperity,  the  interior  banker 
should  spread  far  and  wide  the  fact — supported 
by  simple  illustrations — that  domestic  prosperity 
is  absolutely  dependent  upon  the  marketing  abroad 

[16] 


of  the  surpluses  of  American  products.  The  exten- 
sion of  export  credits  by  Edge  Law  corporations 
will  enable  Europe  to  buy  American  wheat,  rye, 
corn,  meats,  pelts,  and  wool,  as  well  as  many 
classes  of  manufactured  goods. 

Every  Community  Directly  Interested 

A  recent  analysis  of  the  cargo  carried  by  a 
United  Fruit  liner  sailing  from  New  Orleans  to 
South  American  ports  showed  that  practically 
every  community  in  the  United  States,  manufac- 
turing or  agricultural,  had  some  part  in  the  pro- 
duction of  the  cargo  sent  out  in  this  steamer. 
Hardware  factories  in  thousands  of  small  towns 
are  dependent  upon  our  export  trade.  Agriculture 
is  interested  not  only  in  the  direct  export  of  raw 
farm  products,  but  it  has  a  very  great  interest  in 
the  export  of  manufactures  produced  in  America 
from  farm  products  such  as  cotton  goods  and 
tobacco  manufactures  of  all  kinds.  Breeders  of 
pure  bred  stock  are  interested  in  the  possibilities 
of  South  America.  The  fruit  and  vegetable  grow- 
ers, the  poultry  trade  producers,  the  honey  and 
nut  producers,  the  dairymen  and  canners  are  all 
alive  to  the  possibilities  and  seek  information  and 
assistance  in  the  development  of  new  markets. 

The  surplus  of  our  Western  agricultural  prod- 
ucts is  consumed  by  Europe,  and  thereby  prices 
are  sustained.  Foreign  trade  is  of  great  importance 
to  the  South  because  foreign  countries  consume 

[17] 


65  or  70  per  cent,  of  our  cotton.  The  products 
of  the  factories  of  the  North  and  East  are  sold 
throughout  the  world,  thus  furnishing  work  and 
wealth  for  millions  of  people.  In  1919,  we  exported 
eighteen  million  cases  of  canned  milk,  thirty-four 
million  pounds  of  butter,  fourteen  million  pounds 
of  cheese,  six  and  a  half  million  bales  of  cotton 
and  six  hundred  and  eighty  million  yards  of  cotton 
cloth. 

It  need  hardly  be  pointed  out  that  the  success 
of  our  foreign  trade  depends  to  a  greater  extent 
upon  the  bank  than  upon  any  other  single  agency 
at  the  command  of  business.  It  has  been  truth- 
fully said  that  the  international  bank  of  today  is 
the  outpost  of  business,  and  the  role  of  the  interior 
bank  is  certainly  equally  important.  Between 
them — the  interior  bank  and  the  international 
bank — they  must  translate  our  business  ways  to 
the  foreign  buyer  and  seller  and  translate  the  ways 
of  the  foreign  buyer  and  seller  to  us. 


[18 


Ciayiamu""* 

Pamphlet 

Binder 

Gaylord  Bros.,  Inc. 

Stockton,  Calif. 
T.M.Reg.  U.S.  Pat.  Off. 


WM   1 


M50101 


THE  UNIVERSITY  OF  CALIFORNIA  LIBRARY 


